A software engineer filed a case against a Ponzi crypto investment scheme, which stole more than $15k worth of TRX coins from him.
Recently a case came to light where a software engineer, who works in a multinational company in Pune, India, faced a scam. According to this victim, he was added by a person in a 1,600 membered telegram group to get better information to trade with crypto assets, in October 2022.
Just a week ago, this guy filed a Crypto fraud case with the cybercrime wing of Pune City police and reported that many people were talking about their profits over their investments but when he invested 2.6 lakh TRX ( approx $15.7k) then he didn’t receive return of his investment & finally he realised that he got into a crypto fraud.
Police officers noted that there are chances that there is a racket and possibly huge numbers of people got into this scam.
“The probe suggests that there were around 1,600 members in the Telegram group. Starting with the complainant’s case, we are investigating the possibility of a racket in which many people could have been cheated on the pretext of cryptocurrency investment. We are working on some key technical leads.” said an officer from the cyber crime police station.
Crypto 30% tax & surge in scam
In early 2022, the Indian financial ministry introduced a 30% tax system on profit generated on every crypto transaction. To avoid this 30% tax system, the majority of the Crypto traders in the Indian crypto community prefers the use of Decentralised Finance (Defi) platforms or direct offline cash deal.
To buy stablecoins to trade on Defi platforms, big buyers go with offline deals and sometimes that decision results in a very big scam.
Last year, reportedly an Indian guy was trying to buy stablecoins with cash payment but the stablecoin seller beat that guy & stole money & ran away.